Economic data -- including the fourth-quarter GDP report and FOMC minutes -- may also make waves.

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The S&P 500 (INDEXSP:.INX) crossed the 1500 mark several times and settled near this psychologically important level after gaining about 1% during the holiday-shortened week. The Rydex Equal Weight S&P (NYSEARCA:RSP) gained about 1.33%, as its performance wasn't impacted by the significant losses Apple (NASDAQ:AAPL) posted. So far, roughly 25% of the companies in the S&P 500 have posted earnings. Of these, 62% beat revenue expectations, while 67% exceeded earnings estimates – certainly much better than most expected.

The Trade:

Economic and earnings news continues to impress, both in the US and in Europe. Continue to rotate index exposure into equal-weighted ETFs, especially this week, when a large number of very large cap companies report earnings. Writing March 1525 covered calls is a smart way to slightly hedge the portfolio.

Next Week's Market Moving Events:

Monday: Durable goods and pending home sales are the major economic reports being released. Caterpillar (NYSE:CAT) and Yahoo (NASDAQ:YHOO) earnings could sway markets.

Tuesday:Eli Lilly (NYSE:LLY), Pfizer (NYSE:PFE), Tupperware (NYSE:TUP), Amazon (NASDAQ:AMZN), and International Paper (NYSE:IP) are just some of the 120 companies reporting today. Consumer confidence and the S&P Case-Shiller report will be at the forefront of economic reports.